Gold has been correcting along with indexes into the FOMC meeting and has bounced together with the risk-on market. I believe gold can retest 2K which acts as a crucial resistance for a confirmed break leading into a gold run. First gold needs to stay above the support zone (in gray) and hold this local support for short term strength.
We could see May being pivotal for gold and it can run towards 2K by the end of this month or by June. Gold will be the main indicator for the health of the risk-on market. When XAUUSD manages to be comfortable above 1900 I see no reason to retest 2K and (at some point) head towards a confirmed breakout. This will bring pain across the stock market and crypto. Eyes on gold and the DXY, related analyses below.
We could see May being pivotal for gold and it can run towards 2K by the end of this month or by June. Gold will be the main indicator for the health of the risk-on market. When XAUUSD manages to be comfortable above 1900 I see no reason to retest 2K and (at some point) head towards a confirmed breakout. This will bring pain across the stock market and crypto. Eyes on gold and the DXY, related analyses below.
Note
and I got gold tooooooooNote
Looks like gold is just gonna dump with the market, shit hedge, never bought it and never will.. lets see for NY though, still at supportNote
Conclusion: USD is too strong for Gold to run to the upside - This chart wasnt for trading but for keeping an eye on. I projected gold to be strong but the dollar is simply stronger. We still have a double bottom scenario that can play out so lets see, this is the last line of defense before gold turns into a bearish sideways/down trend, which doesnt mean risk on will rally btw
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Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.